Berkshire Hathaway Posted $29 Billion Gain in 2017 From U.S. Tax Plan

said Saturday it posted a $29 billion gain in 2017 related to changes in U.S. tax law, a boost that inflated annual profits for the Omaha conglomerate.

In a letter to shareholders also released Saturday, Berkshire Chairman

Warren Buffett

lamented the lack of well-priced acquisition opportunities and reiterated his advice that individuals should avoid debt and invest passively.

Recent changes to the tax law lowered Berkshire’s deferred tax obligations for stock investments that it currently holds. Berkshire’s net earnings rose to $44.94 billion in 2017 from $24.07 billion the prior year.

“Prices for decent, but far from spectacular, Businesses hit an all-time high” in 2017, preventing Berkshire from spending more cash on acquisitions, Mr. Buffett said in his annual letter. “Our smiles will broaden when we have redeployed Berkshire’s excess funds into more productive assets.”